Abacus Market Shuts Down Amid Exit Scam Suspicions After Record Sales

Abacus Market, a prominent Bitcoin-powered darknet marketplace, has suddenly gone offline, raising suspicions of an exit scam. The marketplace's website and infrastructure, including its clearnet mirror, are no longer accessible, according to a report by TRM Labs. This disappearance has led TRM Labs to conclude that the operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.

The closure of Abacus Market could be a result of increased attention from law enforcement. The marketplace had set a monthly record in sales after the shutdown of Archetyp Market, one of the longest-running dark web marketplaces, in mid-June. In late June, users began reporting withdrawal issues, which the Abacus administrator, known by the handle “Vito,” attributed to an influx of new users and a distributed denial-of-service attack. However, this behavior was consistent with known exit scam patterns seen across other darknet markets.

Despite Vito's assurances, users began fleeing the platform, leading to a significant drop in daily deposits. The average daily deposit plummeted from $230,000 in most of June to just $13,000 daily from June 28 to July 10. Abacus Market offered a wide range of illicit drugs, including stimulants, psychedelics, and unlicensed pharmaceuticals, and operated a central deposit wallet that supported both Bitcoin (BTC) and Monero (XMR).

Abacus Market's success might have contributed to its shutdown. It was one of the top darknet marketplaces dealing in Bitcoin. The closure of Archetyp Market in June led to a surge in users and sales for Abacus, resulting in its largest-ever monthly sales volume of $6.3 million. A similar situation occurred after ASAP Market’s voluntary closure in July 2023, with a 20% increase in Abacus’s volume compared with the month before. Its share of the Bitcoin-supporting Western dark market ecosystem also spiked to over 70%, following ASAP’s closure and the law enforcement seizure of Incognito Market in March 2024.

TRM Labs noted that users typically migrate to the nearest available platform when a dark market collapses, especially when it’s a “large and reputable market.” Marketplaces that reach the top of the ecosystem in terms of volume, user base, listings, and reputation often become priority targets for law enforcement. During its four years of operation, Abacus generated nearly $100 million in Bitcoin (BTC) sales. However, because privacy coin Monero accounted for a large volume of sales, its actual total could be between $300 million and $400 million.

TRM Labs speculates that the Abacus operators could have also “lost motivation to continue” or chose to exit the ecosystem to “preserve their freedom and financial gains.” Faced with the decision between profit-seeking and self-preservation, Abacus’s admins likely chose the latter in light of Archetyp’s seizure and the surge in new users that elevated Abacus’s profile. Previous administrators of other dark market operators who voluntarily exited, such as those at ASAP Market and Agora Market, or conducted exit scams, such as Evolution Market, managed to escape without being caught by law enforcement.

There is also a chance that law enforcement covertly seized the marketplace and are staying quiet about the operation while they compile evidence and track down those involved. However, the administrator of the dark web discussion forum Dread, who was in close contact with the Abacus team, has cast doubt on law enforcement being behind the marketplace’s disappearance. In some cases, such as Nemesis Market’s exit, official seizure notices have appeared months after a DNM [darknet market] has gone offline.